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J.Crew returns to positive comparable sales growth in Q1

By Prachi Singh

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Report

J.Crew Group, Inc. reported total revenues increase of 3 percent to 540.5 million dollars for the first quarter, while comparable company sales increased 1 percent following a decrease of 8 percent in the first quarter last year. J.Crew sales decreased 7 percent to 391.9 million dollars and J.Crew comparable sales decreased 6 percent following a decrease of 11 percent in the first quarter last year. Madewell sales increased 39 percent to 115.8 million dollars, while Madewell comparable sales increased 31 percent following an increase of 11 percent in the first quarter last year.

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"2018 represents a pivotal year for the company and we are encouraged by our strong start, delivering a 28 percent increase in adjusted EBITDA for the first quarter. Most significantly, for the first time since 2014, the Company achieved comparable sales growth," said Jim Brett, the company’s Chief Executive Officer in a statement.

Gross margin for the quarter increased to 38.3 percent from 36.3 percent in the first quarter last year. Operating loss was 0.9 million dollars compared to 151 million dollars in the first quarter last year. Net loss was 33.9 million dollars compared to 121 million dollars in the first quarter last year and adjusted EBITDA increased 28 percent or 8 million dollars to 36.9 million dollars from 28.9 million dollars in the first quarter last year.

Picture:Facebook/J.Crew

J CREW
MULTIMEDIA